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USD/JPY stable around 102.50

FXstreet.com (Barcelona) - The Japanese yen has resumed its downside against the greenback on Friday, meandering around the mid 102.00s and heading towards Thursday’s tops around 102.65/70.

In the data sphere, the relevant Machinery Orders in the Japanese economy expanded at an annual pace of 2.4% in March, leaving behind February’s 11.3% pronounced drop. According to G.Yu and G.Berry, Strategists at UBS, the outlook on the cross remains bullish, adding, “With the broader bull trend in place, the next major resistance focus is at 105.60. Support is at 101.26”.

At the moment, the cross is up 0.24% en 102.52 with the next resistance at 102.68 (high May 16) ahead of 102.77 (2013 high May 15) and finally 103.00 (psychological level).
On the flip side, a breakdown of 102.08 (low May 17) would expose 101.83 (low May 16) and then 101.56 (38.2% of 96.99-102.77).

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